Tax Reform is Making a Difference
Government should work for the people it serves, not the other way around. Since its passage, the Tax Cuts and Jobs Act has proven it’s working for the people of Iowa and the entire country. It contributed to the creation of more than 200,000 jobs last month alone. The national unemployment rate is at record lows and increased wages continue to benefit American families.
During my 99 Iowa county meetings, I meet a lot of hard-working Iowans. Many of them make a point of telling me their businesses and families have benefitted from the commonsense tax reforms passed in December. Higher wages are helping Iowans build their savings and retirement accounts, buy homes and invest in their futures. A better job market has made it possible for Iowans to take advantage of new opportunities and advance their careers. Lower utility costs have helped Iowans get a leg up on their monthly bills. Tax reform is making a real difference for Iowans and people throughout the country.
National wages have increased by 2.9 percent since June 2017. The average household income in Iowa in 2016 was approximately $56,000. Add an additional 2.9 percent to that figure and Iowans would receive over 1,600 extra dollars annually. It’s allowing Americans to thrive under new opportunity and economic prosperity.
According to the National Federation of Independent Business (NFIB), small business optimism is at an all-time high, setting a new record last month in the Small Business Optimism Index survey’s 45-year history. The Census Bureau reports that median household income improved over the past year and poverty has subsided to pre-recession lows. The unemployment rate for young Americans aged 16 to 24 is as low as it’s been since July 1966. The unemployment rate for workers with less than a high school diploma was at its lowest level in recorded history in July, and the number of Americans seeking Social Security disability benefits has plummeted.
To the millions of Americans thriving under the Tax Cuts and Jobs Act, these results aren’t crumbs, as some politicians said. Instead, they’re changing lives for the better. Those positive changes are evident throughout Iowa.
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